This merger, for which notification was received on 8 August 2005, consists of the acquisition from Império Bonança, SGPS, S.A, a member of Caixa Geral de Depósitos Group, of the whole share capital of the undertaking SEGURO DIRECTO GERE - Companhia de Seguros, S.A. (hereinafter referred to as "SDG") by AXA Aurora, S.A (hereinafter referred to as "AXA Aurora").